DIB 19 APR 2024

BTC Daily Intelligence Bulletin (DIB)
Block: 839,923
DTG/ICOD: 0800EST 19Apr24
Precedence: Routine (RR)
Controls: Public Release
QQQQ
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BLUF: Iran Targeted in Overnight Attack / Massive Flooding Hits Dubai / House Advances $95B Foreign Aid Bill / Congress Continues Efforts Against ByteDance / Bitcoin Halving May Influence Regulatory Efforts / Oil and Gold Prices Rise on Middle East Tensions / Homebuying Costs Hit Another Record High / Spot-Traded Crypto Volumes Nearly Double in Q1 /

Market Data: Price: 1 BTC= $65,334 , 27.30 oz Gold, .15 Median US House
24hr Hi: $65,482 / Lo: $59,550
Vol: $50B (Up 14.8%)
Mkt Cap: $1.275T (Up 2.92%)
HashRate: 547 EH/s
Avg Fees: 0.00025712 BTC
Nodes: 19,342

—Reports—
-International Events-
1. Iran Targeted in Overnight Attack: Iranian air defenses were activated early Friday near the central city of Isfahan in response to an apparent Israeli drone attack targeting a major air base and a nearby nuclear site. The attack, which coincided with Ayatollah Ali Khamenei’s 85th birthday, did not result in any reported damage, despite the engagement of air defense systems against the intruding drones. These incidents have notably heightened tensions following Iran’s comprehensive drone-and-missile assault on Israel the previous Saturday, amid ongoing conflicts involving various regional actors and strategic locations. The international community, particularly at the G7 meeting, highlighted the escalation risks, urging restraint and emphasizing the non-targeting of nuclear facilities in military conflicts. (AP)

2. Massive Flooding Hits Dubai: Dubai experienced a historic weather event as torrential rains overwhelmed the city, resulting in significant flooding across its urban landscape, including the Dubai International Airport and various roadways. The intense storm delivered about 25 cm of rain, surpassing the region’s average annual rainfall in just one day, and causing disruptions at major landmarks and infrastructure. Emergency responses were complicated by the unpreparedness for such a severe weather event, despite prior warnings, illustrating vulnerabilities in the city’s infrastructure against extreme weather conditions. The aftermath saw the community and authorities scrambling to manage the immediate impacts, with efforts ongoing to restore normalcy and assess needed improvements in the city’s weather readiness and infrastructure resilience. (BBC)

-US Events-
1. House Advances $95B Foreign Aid Bill: Several House Republicans were joined by Democrats to advance three foreign aid bills providing funding for Ukraine, Israel, and Taiwan, totaling $95.3 billion. Despite some GOP opposition due to the exclusion of border security measures, the package also includes humanitarian funding in Palestine and strategic funding in the Indo-Pacific. Speaker Mike Johnson faced some opposition from his own party but claimed the funding was urgent. He is also pushing for a separate border bill. These developments set the stage for final House approval expected this weekend, underscoring the intricate balance of domestic and international policy priorities. (CBS News)

2. Congress Continues Efforts Against ByteDance: Congress is advancing legislation that would require ByteDance, the Chinese owner of TikTok, to divest the social media app or face a U.S. ban, with the House of Representatives scheduling a vote for the coming Saturday and significant support from key Senate figures. This bill is part of a larger $95 billion package that includes aid for Ukraine and Israel and extends the deadline for ByteDance to sell TikTok from six months to one year. The legislation, which previously passed the House with bipartisan support, is based on claims that China could access data from TikTok’s 170 million U.S. users, posing national security risks. Despite TikTok’s assurances of data privacy, the bill’s progression reflects ongoing worries about the free speech implications of these Congressional efforts. (Reuters)

-Regulatory and Legal-
1. Bitcoin Halving May Influence Regulatory Efforts: Today’s Bitcoin halving may ‘indirectly’ influence future Bitcoin regulations by increasing scrutiny around Bitcoin’s economic impact, potentially affecting considerations related to market stability and investor protection. Natalia Latka from Merkle Science highlighted that the halving might lead to regulatory concerns over the concentration of mining power and environmental impacts of proof-of-work systems. In the U.S., the regulatory status of the broader cryptocurrency market remains unclear, fostering a “regulation through enforcement” environment that complicates compliance efforts for businesses. (Cointelegraph)

-Institutional Concerns-
NSTR

-Central Bank Digital Currencies (CBDC)-
NSTR

-Economic Indicators-
1. Oil and Gold Prices Rise on Middle East Tensions: Oil and gold prices surged following an announcement by US officials that Israel had launched a missile strike on Iran, with Brent crude temporarily exceeding $90 a barrel and gold prices nearing record highs before both declined on Iranian claims of minimal damage. The incident has escalated tensions in the Middle East, heightening fears of potential disruptions in oil supply through crucial routes like the Strait of Hormuz, which facilitates about 20% of the world’s oil traffic. Investors are concerned about the inflationary impact, especially as energy costs have been a significant factor in the global cost of living increase over recent years. The situation remains volatile, with the market’s nervous response reflecting fears of a broader conflict potentially affecting global oil supply and economic stability. (BBC)

2. Homebuying Costs Hit Another Record High: Mortgage rates in the U.S. have risen again, pushing the median monthly housing payment to a record $2,775, an 11% increase from last year, as high rates and home prices exacerbate the housing affordability crisis. The scarcity of available homes, driven by years of underbuilding and homeowners with low pandemic-era mortgage rates unwilling to sell, continues to limit market accessibility, particularly for first-time buyers. Economists anticipate that mortgage rates will remain high into the first half of 2024, with potential decreases hinging on Federal Reserve policy adjustments amid persistent inflation concerns. The current average rate for a 30-year mortgage has surpassed 7%, with the overall home supply remaining 34.3% lower than pre-pandemic levels, further complicating the housing market landscape. (Fox Business)

3. Spot-Traded Crypto Volumes Nearly Double in Q1: In Q1 of 2024, the top ten centralized exchanges saw their spot trading volumes nearly double to $4.29 trillion, marking the highest quarterly volume recorded since December 2021 and a 95.3% increase from the previous quarter. Binance maintained its position as the largest centralized exchange by handling half of the market’s volume, despite facing a $4.3 billion fine and legal challenges from the U.S. Department of Justice. Additionally, the Ethereum network’s share of decentralized exchange trading volumes significantly decreased to below 40%, while Bitcoin’s broader market dominance continued to grow. (Bitcoin.com)

-Security Incidents and Concerns-
NSTR

-Bitcoin Community-
NSTR

-Bitcoin Sentiment-
1. Fear(0)/Greed(100) Index: 66/100 (Up 9 pts)

Analyst Comments (AC): A dramatic increase in fees is expected after the halving. Consolidate UTXOs if able.

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Analyst: BV2B
END REPORT
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*NSTR-Nothing Significant To Report